Last 47 quarters of trend data · Industrials · Electrical Equipment & Parts
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| P/S Ratio | 6.49 | — | 3.81 | 2.41 | 2.39 | 2.54 | 2.79 | 2.99 | 4.59 | 3.07 | 5.73 | 5.97 | 8.21 |
| — | — | +36.5% | -19.4% | -47.9% | -17.2% | -51.3% | -49.9% | -44.1% | -62.4% | -64.4% | -62.3% | -72.0% | |
| P/B Ratio | — | — | 1.80 | 0.95 | 0.66 | 1.08 | 0.64 | 0.57 | 0.75 | 0.94 | 1.30 | 1.66 | 1.76 |
| — | — | +181.3% | +65.7% | -12.3% | +14.4% | -50.7% | -65.4% | -57.2% | -47.0% | -54.9% | -24.7% | -52.3% | |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBIT | 20.69 | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Plug Power Inc.'s operating margin was 432.9% in Q4 2025, up 629.9 pp QoQ and up 1111.6 pp YoY. The trailing four-quarter average of 0.2% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin expanded 446.4% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 99.8% | 424.4% | -67.9% | -30.7% | -55.3% | -122.5% | -57.6% | -91.6% | -119.2% | -86.3% | -69.4% | -30.0% | -33.0% |
| — | +446.4% | -17.9% | +66.4% | +53.6% | -41.9% | +17.1% | -204.9% | -261.1% | -204.7% | -184.3% | -39.9% | -31.5% | |
| Operating Margin | 38.1% | 432.9% | -197.0% | -101.7% | -133.5% | -678.7% | -124.4% | -170.7% | -215.7% | -281.7% | -137.9% | -89.9% | -99.8% |
| — | +163.8% | -58.3% | +40.4% | +38.1% | -140.9% | +9.8% | -89.9% | -116.2% | -166.1% | -62.8% | +7.5% | -0.9% | |
| Net Margin | -229.8% | -375.6% | -204.4% | -130.5% | -147.1% | -697.5% | -121.5% | -183.0% | -245.9% | -289.2% | -142.7% | -90.9% | -98.2% |
| — | +46.1% | -68.1% | +28.7% | +40.2% | -141.2% | +14.8% | -101.4% | -150.4% | -185.6% | -57.6% | +20.7% | +11.6% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -175.6% | -109.2% | -22.2% | -12.3% | -10.5% | -55.2% | -7.0% | -8.9% | -10.2% | -20.1% | -7.8% | -6.2% | -5.2% |
| — | -97.8% | -216.1% | -38.6% | -3.6% | -175.4% | +10.3% | -43.7% | -96.1% | -271.7% | -96.1% | -57.0% | -50.2% | |
| ROA | -89.3% | -53.6% | -11.2% | -6.5% | -5.4% | -32.1% | -4.4% | -5.4% | -6.1% | -12.4% | -5.1% | -4.2% | -3.6% |
| — | -67.1% | -152.2% | -19.3% | +10.4% | -158.5% | +13.5% | -29.5% | -67.7% | -222.7% | -74.4% | -40.1% | -35.9% | |
| ROIC | 10.9% | 43.4% | -10.6% | -5.1% | -5.0% | -29.8% | -4.2% | -4.9% | -5.1% | -11.4% | -4.8% | -4.1% | -3.6% |
| — | +245.7% | -151.7% | -4.2% | +1.5% | -162.1% | +13.0% | -17.8% | -40.6% | -147.7% | -26.6% | -6.8% | -0.1% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Debt/Equity has risen for 4 consecutive quarters, indicating increasing financial leverage that investors should watch closely.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 19.75 | 19.75 | 0.66 | 0.56 | 0.51 | 0.60 | 0.31 | 0.31 | 0.32 | 0.39 | 0.28 | 0.26 | 0.24 |
| — | +3210.0% | +115.8% | +83.5% | +57.4% | +53.6% | +10.6% | +18.1% | +38.0% | +75.5% | +30.7% | +37.0% | +28.6% | |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| Current Ratio | 2.03 | 2.03 | 1.32 | 1.59 | 1.95 | 1.97 | 2.08 | 2.07 | 1.94 | 1.85 | 2.41 | 3.16 | 4.39 |
| — | +2.9% | -36.5% | -23.0% | +0.4% | +6.6% | -13.7% | -34.7% | -55.9% | -64.4% | -60.5% | -65.3% | -61.6% | |
| Quick Ratio | 1.91 | 1.91 | 0.70 | 0.82 | 1.07 | 1.06 | 0.95 | 0.91 | 0.87 | 0.86 | 1.31 | 2.07 | 3.25 |
| — | +79.6% | -25.9% | -9.3% | +22.9% | +24.1% | -27.2% | -56.3% | -73.3% | -79.6% | -75.0% | -74.5% | -69.1% | |
| Interest Coverage | — | — | -21.19 | -11.10 | -15.54 | -78.11 | -23.63 | -25.73 | -22.91 | -54.50 | -23.21 | -20.76 | -19.70 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 47 years · Updated daily
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Plug Power Inc.'s current operating margin is 38.1%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Plug Power Inc.'s business trajectory between earnings reports.